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Financial tips and money-saving advice from Goldenwest Credit Union

Buying a Boat? Don't Forget the Insurance

July 12, 2022

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If you’ve set aside some money for a boat, you’ll want to make it a worthwhile investment. That means protecting your vessel from damage, losses, and other hazards.

If you don’t have insurance on the boat, you put yourself at considerable financial risk. Should a damaging event occur, you might have to pay for the losses. In many ways, you can think of a boat like you would a car. Going for a sail can be thought of the same way as going for a drive. Even when you use caution, there is always a chance something could happen to you or the vessel. This is where boat insurance might come in handy.

With the right policy, they might pay for damage to the vessel, personal injuries, and damage you might cause others. Some of the coverage you should ask your agent to include are: collision coverage, comprehensive coverage, liability insurance, medical payments protection, salvage coverage, and fuel spill/pollution coverage.

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